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Financial Management release notes

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Financial Management release notes

ServiceNow® Financial Management product enhancements and updates in the Jakarta release.

Jakarta upgrade information

Financial Management is no longer dependent on its use of IT DataMart. The DataMart Definitions have been upgraded to Financial Management Segments in Istanbul. New segments required for cost model or budget model must henceforth be created in Financial Management Segments.

Activation information

You can activate the Financial Management (com.snc.financial_management) plugin if you have the admin role.

ITFM has preconfigured PA dashboards using the plugin, Performance Analytics - Content Pack - Financial Management.

ITFM integrates with Customer Service Management providing preconfigured Cost Models and PA dashboards using the Performance Analytics – Content Pack – Financial Management for Customer Service plugin.

ITFM integrates with Field Service Management providing preconfigured Cost Models and PA dashboards using the Performance Analytics – Content Pack – Financial Management for Field Service Management plugin.

Browser requirements

If you are using the Internet Explorer web browser, version 11 or later (including Microsoft Edge) is required to use all aspects of the workbench.

Localization limitations

Right-to-left languages in custom UI pages are not supported. Alternatively, you can use platform lists and forms.

New in the Jakarta release

Financial Reporting

Financial reporting is an integral part of financial management that helps in reporting the financial aspects to various stakeholders in an organization such as the business unit heads, department heads, or account heads.

Use the showback feature to report the services consumed, those services that are offered within your organization, to the stakeholder head. Therefore, the showback statements help in providing consumption visibility and improve automation on the services being offered.

The showback feature helps service owners that handle services view the consumption details and formulate proactive budgeting.

The showback statement reports the services consumed by adding the statement items, which record the service consumption details and the cost for the service, from the source. The source of the statement items can be from any of the following:

  • Cost model: Sourced from the cost allocation lines of the cost transparency application.
  • Service catalog: The cost and consumption volumes can be based on fulfilled catalog requests for a particular service catalog category or catalog items.
  • Consumption table: The cost and consumption volumes can be from any ServiceNow table that contains the consumption data.

As a Service owner, you can use the Service Pricing Console to periodically view the statement lines (consumption details) of the service. You can also optionally set the pricing policy for the statement item, which can be used as reporting cost in the showback statement when reporting.

As a Financial analyst, you can generate and publish the showback statements for each fiscal period.

As a designated Showback user, you can view the published showback statements. You can review and accept them or raise a dispute if there is discrepancy and resolve it with the Service owner or Financial analyst through the task workflow.

Cost Transparency Functional Improvements
  • Restrict access of cost models to users or user groups: You can restrict the access of your cost models in the workbench to a specific analyst or group of analysts by associating the cost model to the user group.
  • Cost models data source: You can choose the data source of the cost model not only to be the preconfigured General Ledger Staged table, but to any data source table. With this enhancement, you can have different cost models with different staged tables as their data source. Therefore, you can create different cost models with expenses staged and budget staged data. Also, you can perform cost transparency without any data source also by entering the amount directly into the buckets.
  • Unit Costs: You can generate the unit costs for a segment or segment account from the cost model by defining the unit cost metrics in the cost model. The unit cost is generated after the allocation engine runs.
  • Sibling rollups: You can roll up the amount in an account to its sibling account segment by defining sibling relationship in the cost model. The rollup opens the sibling segment and its related accounts. The sibling rollup is available only for account rollup.
  • Bucket-based rollup: Define a bucket-based rollup rule to roll up bucket-specific amount and also to use a different rollup rule other than the default rule. The bucket-based rollup is available only for account rollup.
  • Weighted bucket split: Bucket split can be based on weighted metric, which helps you to get a dynamic percentage split every fiscal period, based on the weight or the consumption table.
  • Enhanced scripted rollup: Scripted rollup has another argument, fiscal period, to help you with fiscal based scripted rollups.
  • Scripted metric: For advanced use cases, you can create a scripted metric for use in allocations and rollups.
  • Enhanced Filter: You can filter the account segments based on the amount in the Allocation Setup page.
Cost Transparency Diagnostic Tool Improvements
  • Enhanced allocation logs: To make it easy to identify the missing amount during allocation, the allocation log is enhanced to categorically point out the incorrect rules and allocation issues by clearly segregating the logs as bucket allocation, account rollup, and segment rollup errors. This segregation helps you to resolve the allocation issues quickly.
  • Generate and preview weight maps: Preview weight map provides more transparency to the generated weight maps, and provides the percentage split based on the metric definition. You also have the option to generate/regenerate the weight map.
Improvements in Financial Planning
Financial analyst and business unit owner PA dashboards
Activate Performance Analytics - Content Pack - Financial Management ( plugin to activate the Financial dashboards. Use the dashboards to view the current trend of financial costing, budgeting, and showback statements based on the real-time data. Make informed decisions based on the statistics and enhance your business performance.